Riverstone Holdings LLC said Nov. 30 that newly-formed Rover Petroleum LLC has received an equity commitment of up to $250 million from funds.
The funds are managed by Riverstone and additional amounts from the Company's management team.
Rover, based in Dallas, will pursue a strategy of acquisition and development of conventional oil assets in North America. The company will concentrate on opportunities within the Texas and Oklahoma region.
The company will target mature, underdeveloped oil fields, which it will enhance through secondary recovery, operational improvement and conventional exploitation techniques, the release said.
Rover is led by Larry Keller as CEO. He will be joined by co-founders John Chadwick, as COO, and James Chriesman, as CFO.
Keller has 32 years of experience in the industry and has focused his career on conventional oil exploitation and redevelopment. He has a long history of working together with Chadwick and Chriesman, according to the release.
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